Northfield Capital Corporation (TSX-V: NFD.A) (the
“
Company”) is pleased to announce that it has
entered into binding share purchase agreements (the
“
Purchase Agreements”) with five shareholders of
Voyageur Mineral Explorers Corp. (“
Voyageur”)
pursuant to which the Company has agreed to acquire an aggregate of
4,787,301 common shares of Voyageur (“
Voyageur
Shares”) in consideration for the issuance to such
shareholders of an aggregate of 143,619 class A restricted voting
shares in the capital of the Company (the “
Northfield
Shares”). Pursuant to the transactions contemplated in the
Purchase Agreements (collectively, the
“
Transaction”), each Voyageur Share will be
exchanged for 0.029999983 of a Northfield Share (the
“
Exchange Ratio”).
The Purchase Agreements contain customary
representations, warranties and agreements, conditions to closing
and other obligations of the parties. Closing of the Transaction is
anticipated to be completed on or about January 2, 2025, following
receipt of all necessary regulatory approvals. The Transaction will
be exempt from prospectus requirements pursuant to Section 2.16 of
National Instrument 45-106 – Prospectus Exemptions (the take-over
bid and issuer bid transaction exemption).
Early Warning Disclosure
Upon completion of the Transaction, the Company
will have acquired ownership and control of an aggregate of an
additional 4,787,301 Voyageur Shares.
As of the date hereof, the Company owns and
controls an aggregate of 12,077,802 Voyageur Shares (of which an
aggregate of 11,401,702 Voyageur Shares are owned by the Company
directly, an aggregate of 671,100 Voyageur Shares are owned by Mr.
Robert Cudney (a “control person” (as such term is defined in the
Securities Act (Ontario)) of the Company), and an aggregate of
5,000 Voyageur Shares are owned by Cudney Stables Inc.
(“Cudney Stables”), an entity owned by Mr. Cudney)
and convertible securities of Voyageur entitling the Company and
Mr. Cudney to acquire an additional 1,237,500 Voyageur Shares (of
which 687,500 convertible securities are owned by the Company
directly and 550,000 convertible securities are owned by Mr.
Cudney) representing approximately 37.43% of the issued and
outstanding Voyageur Shares as of the date hereof (or approximately
39.74%, calculated on a partially diluted basis, assuming the
exercise of the 1,237,500 convertible securities only).
Following the closing of the Transaction (the
“Closing”) (assuming no other changes to the
capitalization of Voyageur), the Company, together with Mr. Cudney
and Cudney Stables, will own and control an aggregate of 16,865,103
Voyageur Shares (of which an aggregate of 16,189,003 Voyageur
Shares will be owned by the Company directly, an aggregate of
671,100 Voyageur Shares will be owned by Mr. Cudney, and an
aggregate of 5,000 Voyageur Shares will be owned by Cudney Stables)
and convertible securities entitling the Company and Mr. Cudney to
acquire an additional 1,237,500 Voyageur Shares (of which 687,500
convertible securities will be owned by the Company directly and
550,000 convertible securities will be owned by Mr. Cudney)
representing approximately 52.27% of the issued and outstanding
Voyageur Shares on Closing (or approximately 54.03%, calculated on
a partially diluted basis, assuming the exercise of the 1,237,500
convertible securities only).
The Voyageur Shares will be acquired pursuant to
the Purchase Agreements and the Transaction will not take place
through the facilities of any market for Voyageur’s securities. The
Company may increase or decrease its investments in Voyageur at any
time, or continue to maintain its current investment position,
depending on market conditions or any other relevant factor. The
Voyageur Shares will be acquired for aggregate consideration of
143,619 Northfield Shares, having a deemed value of C$20.00 per
Northfield Share or C$2,872,300 in the aggregate, pursuant to the
exemption contained in Section 2.16 of National Instrument 45-106 –
Prospectus Exemptions (the take-over bid and issuer bid transaction
exemption).
This portion of this news release is issued
pursuant to National Instrument 62-103 – The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues, which also
requires an early warning report to be filed on the System for
Electronic Document Analysis and Retrieval+
(“SEDAR+”), accessible at www.sedarplus.ca,
containing additional information with respect to the foregoing
matters. A copy of the related early warning report may be
obtained, following its filing, on Voyageur’s SEDAR+ profile or by
contacting the Company at 141 Adelaide Street West, Suite 301,
Toronto, Ontario M5H 3L5, Attention: Michael Leskovec, Chief
Financial Officer, Northfield Capital Corporation, Tel: (416)
628-5940.
About Northfield Capital
Corporation
The Company is a value-based investment and
merchant banking company focused on the resource (critical minerals
and precious metals) and transportation sectors.
For further information, please contact:
Michael G. Leskovec, CPA, CA Chief Financial
Officer Telephone: (416) 628-5940
Forward-Looking Information
This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws including, but not limited to,
statements with respect to the Transaction (including, the
anticipated closing date thereof and the securities laws expected
to be applicable thereto). The use of any of the words “expect”,
“anticipate”, “continue”, “estimate”, “objective”, “ongoing”,
“may”, “will”, “project”, “should”, “believe”, “plans”, “intends”
and similar expressions are intended to identify forward-looking
information or statements. The forward-looking statements and
information are based on certain key expectations and assumptions
made by the Company. Although the Company believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because the Company can give no assurance that they
will prove to be correct.
Since forward-looking statements and information
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. Factors which could materially affect such
forward-looking information are described in the risk factors in
the Company’s most recent annual management's discussion and
analysis that is available on the Company’s profile on SEDAR+ at
www.sedarplus.com. Readers are cautioned that the foregoing list of
factors is not exhaustive. The forward-looking statements included
in this press release are expressly qualified by this cautionary
statement. The forward-looking statements and information contained
in this press release are made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.